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Middle East Oil Exports In 2024: A Year Of Transition
...sily breaking 2021’s previous record of 20.0%. Crude still accounts for nearly 80% of total exports, but with more than 22mn barrels of oil being exported from the region every day, a shift of a single percentage point equates to substantial volumes: refined products exports are up by 1.5mn b/d since 2017...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
Saudi Arabia On Course For Trade Deficit With China
...s largest partner of all; China (see chart 1). China has been the largest source of imports for Saudi Arabia since 2017, after jousting with the USA for the top spot in the years prior (see chart 2). The value of Chinese imports has increased each year with the exception of Covid-hit 2020. Last ye...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
Oman Gas Sector Set For Leap Forward In 2024
...Oman’s gas renaissance continues apace, with both Shell and TotalEnergies set to advance key projects in 2024. The key near-term limiting factor is not upstream potential but outlets for new production, Shell’s country chief tells MEES. Until 2017 the outlook for Oman’s gas sector was wo...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Angola Quits Opec Over Quota Reform Process
...ll. Angola signed up to a 1.673mn b/d Opec+ allocation from January 2017, but even when production restrictions eased, it was unable to bring output back to anything approaching pre-2017 levels (see chart). Luanda will be hoping that free from the prospect of Opec+ production limitations, the country wi...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Kuwait’s New Emir Criticizes Political Divisions
...tober 2022 did KPC finally began operations at its long-awaited 120,000 b/d GC-32 project which was due online in 2020 after a $1.3bn 2017 award to the UK’s Petrofac (MEES, 31 March 2017). …WITH DELAYED PROJECT AWARDS The minister’s claims are backed up by a 30 Oc...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Harbour Expands With Wintershall Takeover
...ich in turn was formed in a 2017 merger (MEES, 1 December 2017). That deal left Wintershall Dea with substantial Russian assets, which, in a further complicating factor will be excluded from the Harbour transaction. As will one of Wintershall Dea’s key Mena assets, the ‘Wintershall’ fields in Li...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Iran’s Winter Gas Preparations Hit The Skids Amid Icy Snap
...ocessing plant which receives feedstock from Phases 22-24. As a result, NIGC had to shuffle around existing “Ukrainian-made turbines” for its winter preparations. Mapna was contracted to provide 16 such units – each 25MW in capacity – since at least 2017 but its line of MGT-30 turbines has suffered pr...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Abu Dhabi’s Mubadala Cuts Energy Sector Exposure
...RMDOWN The other major transaction this week involved Mubadala’s fully owned upstream subsidiary, Mubadala Energy (formerly Mubadala Petroleum). Mubadala Energy was led by Mr Kaabi between 2014 and 2017, and he has since remained chairman of the firm. The firm boosted its net output to a record 500,000 bo...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Qatar Eyes Substantial $8bn Surplus For 2023
...ded, alluding to the 2017-2021 embargo of Qatar by many of its neighbors. The embargo ended in January 2021, but with Doha having restructured its trade patterns there has been no full return to the previous status quo (MEES, 25 November). Qatar invested heavily in its infrastructure in preparation fo...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
GCC Eyes 2022 As Year Of Stability
...is year saw Saudi Arabia host two GCC summits. The 41st summit was held in Al Ula in January and marked the end of the Qatar embargo, which had been in force since June 2017 and had defined the GCC ever since (MEES, 8 January). If that January summit was high profile, the 42nd iteration in Riyadh on...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
Algeria Plans ‘Year For The Economy’ In 2022
...creasingly difficult due to the Algerian market’s “modest absorption capacity.” Although the government has vowed not to resort to quantitative easing from the central bank – as it controversially did between 2017 and 2019 (MEES, 28 June 2019) – it continues to engage in what it calls “monetary fi...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...ERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE: MNR, COMPANY STATEMENTS, MEES. …ONSIDE, FOR NOW The KRG’s prioritizing of foreign investors over internal stability has at least so far more or less managed to keep the IOCs onside. Realistically, if the region is to be a vi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ccesses in 2017. The Tripoli-based National Oil Corporation (NOC) has lifted oil production out of the doldrums, surprising many jaded observers. Since the beginning of the year, oil production has increased by almost 50%, averaging close to 1mn b/d in Q4. For 2017 as a whole, output of 820,000 b/d is mo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...The expected start-up of the three major components of Algeria’s Southwest Gas Project should boost the country’s gas output by over 9bcm/y by mid-2018, possibly to top 100bcm/y for the first time. Algeria’s sales gas output for 2017 is set to fall just short of 2016’s record 94...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria: Could 2018 See An End To Deficits?
...nths of 2017, the first time this has happened for any two-month period since 2014. Algerian gas exports have rebounded strongly since September as domestic demand has eased whilst the country has looked to maximize gas output (MEES, 15 September). The start-up of new gas fields – output from the Re...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Iraq Refining Revamp Gathers Pace, But New Capacity Some Time Away
...this project, suggesting that work on Baiji is being prioritized (MEES, 23 October 2015). The latest available data from Riyadh-based Jodi shows that federal Iraq’s refineries processed 520,000 b/d in the first 10 months of 2017, an increase of 110,000 b/d or 24% from the 410,000 b/d processed in...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Riyadh Set To Push For Saudi Power Privatization In 2018
...oking increasingly tight (see p14). Similarly, this week Riyadh’s plans to link gasoline prices to international market prices by the end of 2017 were revised, so that a gradual linkage over the 2018-25 period is now the aim (see p16). Given the likely complexities arising from the Aramco IPO and fuel pr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Opec In 2018: More Revenue Less Market Share?
...adual erosion of discipline from those members able to increase output which doesn’t reduce prices ought to see Opec’s revenues exceed this estimate next year. THIS YEAR’S WINNERS AND LOSERS Without a doubt Libya is the biggest winner revenue-wise within Opec in 2017. Its oil earnings are set to gr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Regional Powers Face Off In Post-Islamic State Vacuum
...Iraq and Syria have declared victory over IS. As the smoke clears they face the monumental task of rebuilding, while regional powers face off in their territories. In 2017, Iraq and Syria retook almost all of the 100,000km² formerly held by Islamic State (IS). Between the Russian-ba...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Division In The Gulf: Is There Any Way Back For GCC Unity In 2018?
...Battle lines have been drawn in the GCC. Saudi, the UAE and Bahrain are aligned firmly against Qatar, with Kuwait and Oman remaining neutral. A return to pre-June 2017 normality looks unlikely. The dream of GCC unity will wither further in 2018. The Gulf Cooperation Council (GCC) ex...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017